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25 Cards in this Set
- Front
- Back
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Estate |
A possessory right or ownership interest in real property - a person has this when he owns or leases the property |
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* Contracts containing an agreement to create an estate (by way of deed, or will, or lease) in real property, need to be in WRITING |
* Contracts containing an agreement to create an estate (by way of deed, or will, or lease) in real property, need to be in WRITING |
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Freehold Estate |
Estates that last indefinitely for one or more lifetimes or in perpetuity. They involve ownership of the property. They are considered real property interests, they include fee simple, life, reversion, and remainder estates |
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Nonfreehold estates |
Estates which last for a lesser and temporary period of time than a freehold estate. They involve lease or rental of real estate. They also include estate for years, periodic estate, estate at will, and estate at sufferance. |
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Fee Simple Estate (also fee estate) |
an estate held for indefinite and unlimited duration…the most freely transferable and inheritable estate. |
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Devise |
When a fee simple estate is transferred via a will. those receiving the estate by ________ are know as devisees. |
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Heirs |
those who receive a fee simple estate if there in no will in place. |
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Fee Simple Absolute Estate |
the most complete from of ownership our law recognizes today. Unless there are words to indicate that there are conditions placed on the estate, it is known as a _____ ______ _______ _______ |
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Qualified Fee Estate (also a conditional fee, defeasible fee, or fee simple defeasible estate) |
an estate that has certain conditions, and if the even specified in the conditions were to occur, the estate would or could be defeated. However, these estates are inheritable contain the same bundle of rights of a fee simple absolute estate as long as the conditions are not violated. |
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Fee Simple Subject to Executionary Limitation |
a fee estate subject to automatic termination. however, upon the happening of said event, the estate would pass to some person other than the grantor or grantors heirs. |
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Life Estate |
a freehold estate (as in it is an ownership estate) that is not inheritable (as in it is not fee simple), and is contingent on the life of the property holder. Heirs have no estate or interest in the property. can be created by deed or will. upon termination, the estate will either revert to the grantor (reversion), or pass on to a specified third party (remainderman) via an estate in remainder. it can be for the life of more than one person |
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Reversion |
upon termination of a life estate, the estate is reverted back to the grantor of the estate |
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Remainderman |
A third party in a life estate that holds that holds a remainder interest during the time of the life estate. |
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Estate in remainde |
in a life estate, upon termination, the title of the estate would pas to a specified third party. Miller willed the benefits of his real property to Baker for Baker’s lifetime, after which the property will pass to Smith. Smith has an ______ __ _______ |
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Nonfreehold estate (also leasehold estate or chattel real) |
estates limited in duration by leasing or renting, and are considered to be personal property interests |
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Lessor (or landlord) |
The person who owns the real property and permits the occupation of the premises. |
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Lessee (tenant) |
the person who occupies the property during a lease. They have contractual rights, and therefore they only have personal property interest (chattel interest) in the real property. |
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Revisionary rights (Revisionary Interest) |
A landlord (lessor) has the right to regain possession upon expiration of the lessees estate |
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Demise |
old world wording that refers to an estate that will end. . . as in a lease. |
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Leasehold Estate |
this gives a lessee the right of use, possession, and quiet enjoyment of the property. It is inheritable (can be willed or left to heirs), transferable by sale or assignment, and it is of a certain duration (as in limited in time or by the desire of the parties) |
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Estate for years |
This estate is an estate of definite and fixed duration. (does not terminate on the death of either lessor or lessee. if either dies, the rights and obligations pass to heirs. ALso, if the lessor sells the property, the new owner must continue to honor the lease. Generally referred to as a lease |
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Periodic estate (periodic tenancy) |
a tenancy which automatically renews itself on the last day of the term for another term of the same duration until it is terminated by either party with proper notice. Renewal Periods |
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Estate at Will (or Tenancy at Will) |
a tenancy wherein the tenant is in possession at the will of the owner. Basically a leasehold estate that continues for an indefinite period of time, so long as both parties consent. |
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Estate at Sufferance (or tenancy at sufferance) |
a tenancy created when a person retains possession of premises without the consent of the owner or any other person having the right to give possession. (aka a tenant that remains wrongfully) (like if a tenant stays after the expiration of a lease without the consent of the landlord.) it is the weakest form of tenancy in that no notice is required and the tenant can be evicted immediately. |
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Sale-leaseback arrangement |
When an owner sells the property, thus terminating his freehold estate. At the same time he agrees to lease the property back from the purchaser under a long term lease. This results in him having a less than free hold estate. |
